Intel’s Workforce Shrinks by 23,000: A Struggle for Stability
Introduction Intel operates under turbulent market conditions because it persists with intense expenditure reduction strategies while its revenue decreases and its market share shrinks. Since the beginning of the two years, the company has eliminated 23,000 positions, whereas the latest layoffs will affect 16,000 employees. Intel employees and stakeholders face uncertainty regarding the chip manufacturer's persistent struggles to survive against competitors in semiconductor markets. The dominance of Intel in its market has been challenged by increasing competition from Nvidia, AMD, and TSMC, which required the company to develop new business strategies. Modern times demand severe cost reduction measures because the company needs to fight for its existing market position. Intel's Cost-Cutting Strategy and Layoffs Intel initiated its first major workforce reduction in late 2022 while conducting a corporate restructuring plan. The company plans to eliminate 58 more positions at its […]
